The new year is always an interesting time, marking a new cycle of the market and the adoption of new attitudes. As a business, it’s important that we keep our eyes peeled and pay attention to the movement and underlying trends in the market, in order to better equip ourselves for the upcoming year.
For professionals in the banking and financial services industry, 2018 looks to be a very exciting year of change. To help you better plan ahead, we’ve pulled together some key insights from our 2018 Asia Salary Snapshot regarding market trends and salary updates in the banking and financial services sector in Asia.
The Efficiency Game is On
Yes, efficiency will be essential.
Over the past decade, we have seen a greater emphasis on streamlining systems and increasing overall process efficiencies. However, 2018 will take our understanding of efficiency to a whole new level. Not only will there be a greater wave of outsourcing and use of freelancers to take over back office functions, but we will also be seeing a move towards robotics and automation in order to reduce costs.
With technologies advancing at a rapid rate, businesses will see a shift from traditional operations. With automation taking an essential role towards simplifying and aligning business efforts.
Steep Growth in the Utilisation of Tech
Tech will become commonplace and companies should jump on board while they can. Technology will increasingly be synonymous with banking. We were already seeing a lot more talk on blockchain at the turn of 2017, but 2018 is predicted to be a time of fast maturation and growth in understanding of this, as well as other technologies, thus companies will have be prepared to learn and adapt in order to stay competitive.
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For banking and financial services, data mining will also be another area of which to be wary. We will increasingly see a rise in a data-driven approach, creating hyper-personalised deals, which will mean tough competition for those who have yet to adopt the technology.
Talent in High Demand
With the surge in demand for technology, such as data analytics and robotic process automation, we predict that this year banks will be fighting for professionals who have a good grasp of the tech environment.
As a result, roles in cybersecurity will be in high demand, as well as financial crime compliance professional across all levels. We are likely to see companies fighting for top talent in tech and compliance, in order to meet the demands of the new environment that the banking and financial services industry has created.
In early 2018, we also foresee a strong demand for experienced investment bankers across VP, Director and MD levels. Seeing that developing a solid sell-side pipeline will still be dependent on origination, banks will be increasing headcount across Infrastructure, Power & Utilities, TMT, Healthcare, M&A & DCM product teams.
On the whole, 2018 looks to be an exciting year for people in banking and financial services!
If you’re looking for more insights into benchmark salaries in Asia, click below to be amongst the first to receive our 2018 Asia Salary Snapshot.